Forex Day Trader's Thread

Screw it, closed it for a tiny profit. At least it's a good way to end the week :LOL: About 600 more of those and i'll be back to where I was before the bad stuff happened. Not going to mess about with widening spreads and the twilight hours.
 
So what's your plan now Mask? Here's mine..

weekeuro.bmp


below 1.445 negates bullish bias..
 
This weekend you should do yourselves a favor and listen to this whole video (2hrs) .. crack a few beers and listen to a 25 year trader..

http://www.james16group.us/Guests/video/trainingvideo.wmv

I can provide translation services if you can't understand the accent..

listen 1:35:00 onward at the very least.. quite a few golden tidbits to help new and old traders alike.
 
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:LOL: James16 - i've heard many a story of him.

Not 100% sure of my plan, i'm going to take it as it comes on sunday evening. On paper, Greece is ok, Dubai has quietened down, Spain has a few question marks and the UK is apparently not going to be getting downgraded. So fundamentally nothing huge has changed. Technically, perhaps but we're coming up to xmas period too so it's not going to be "normal" markets. I'll take a look at some things over weekend and see what happens on open to decide. Either way, i'm going to be hit & running the market.
 
Yes, it's the only way i'm going to get my money back. On the weekends I just count down the hours till it re-opens. Time for sleep, it's been a while since I got more than 4 hrs in one go.
 
personally, I strongly disagree with placing your stop at breakeven as a day trader, but a lot of the other stuff he says is really golden..

When I was a young pup I tried his method all the time.. get in any sort of profit at all, move stop to 0 and just hope you catch the 1 in whatever chance the price takes off big in your favor.. Maybe I just wasn't very good at it, but I think moving your stop to 0 is unforgivable..

I just like his entry method a lot.
 
I'm obsessed with trading Forex.. if I think there's anyone who can help me do it better then I'll listen.. 2 hours is nothing compared to the amount of time on a weekly basis I spend staring at the screen ;)
 
I do move stop to B/E in some cases, not all the times though. When the path to TP is long enough and there are some S/R along the way, I'd take some profits near S/R and move SL to B/E for the rest
 
I never do.. when I enter I'm betting on s/r and you can get stopped out 15 times at b/e yet the s/r you're playing will hold and rocket for big profits.. If I ever feel the need to move my stop to an irrelevant spot on the map then I'll just go ahead and kick myself for making a dumb trade in the first place instead.

I'd rather take profit then move stop to b/e.. at least move it somewhere meaningful to the market
 
it depends. In case the price has moved away from entry and the price action says that if price moves back to that entry point then the whole assumption (that it'll move to the final target) is not correct anymore, then it may make sense to take some profits at the (midway, maybe a secondary) S/R & move SL to B/E. But not all cases are like this.
 
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